Double-Digit Rate Decrease possible, WCIRB still Crunching Numbers

OAKLAND, Calif. – The Workers' Compensation Insurance Rating Bureau could recommend a double-digit decrease to the advisory pure premium rate for California policies incepting on or after July 1, based on final methodologies adopted by actuaries Monday for trending 2014 loss-adjustment expense data. Indemnity and medical loss-development trends discussed during the Actuarial Committee meeting on March 18 pointed to mid-year reduction of 13.5%. But higher-than-expected costs for administering claims based on metrics the committee approved Monday will take some of that reduction off t...